Care Ratings on Thursday slashed rating of long-term bank facilities assigned to a special purpose vehicle (SPV) of Sadbhav Infrastructure to default grade.
The Rs 942.82-crore facility earlier had CARE BB+ rating with a stable outlook.
Care said that the revision factors in overdues in the account of Rohtak-Hissar Tollway (RHTPL) for debt servicing owing to poor liquidity and debt coverage indicators arising due to subdued toll collection on sustained basis as against large debt obligations.
"There are overdues in the account of RHTPL in servicing its debt obligations up to 15 days due to poor liquidity on account of subdued toll collection as against large debt obligations," Care said in a note.
Toll collection of the company during FY19 stood at Rs 64.95 crore while the debt obligations stood at around Rs 110 crore for the same period.
"The company has not created liquRead More – Source
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